Definition: Product life cycle can be defined as the analysis of the complete life span of a product. It is divided into five stages, i.e., development, introduction, growth, maturity and decline. It is an essential tool for analyzing the prospective success or potential of a new product through research and development. Just like humans, a product also has a life cycle … [Read more...] about Product Life Cycle (PLC)
Marketing
Advertising Vs Publicity
The terms advertising and publicity are used interchangeably by many of us. But there is a considerable difference between the two. The critical difference between the two is that; former is a paid promotion of products done with the aim of increasing sales volume. However, the latter is an unpaid promotion through a third party aimed at creating a buzz or revealing a public … [Read more...] about Advertising Vs Publicity
Supply Chain Management
Definition: Supply chain management refers to controlling the flow of raw material, product, inventory, cash and information right from the place of origin to the final consumption of the product. A supply chain involves all the activities which an organization performs for consumer satisfaction. It includes product development, finance, marketing channel, transportation, … [Read more...] about Supply Chain Management
Marketing Strategy
Definition: Marketing strategy is a planned and systematic approach to develop a recall value in the mind of the potential customers for the product and increase its sale. It deals with building up of brand image in the market and enhance the sales of the product along with maintaining a long term relationship with the customers. It is a continuous practice of promoting a … [Read more...] about Marketing Strategy
Public Relations
Definition: Public relations is a strategical approach towards the creation of goodwill and brand image through developing a cordial relationship between the organization and its target audience. Every organization exists in a social, legal, political environment where it has to interact with different agencies and individuals. For Example; The fragrance brand Old Spice … [Read more...] about Public Relations
Sales Budget
Definition: Sales budget refers to the estimation of the sales revenue and the sales overheads for a particular period. A more accurate sales forecast means better utilization of resources, higher profitability and less wastage. Sales forecasting, which is nothing but an estimation of demand for goods or services in the market is essential for preparing a sales … [Read more...] about Sales Budget
Product Development
Definition: Product development refers to the creation of a new product which has some utility; or up-gradation of the existing product; or enhancement of the production process, method or system. In simple words, it is all about bringing a change in the present goods or services or the mode of production. In simple terms product development comprises of the following … [Read more...] about Product Development
Relationship Marketing
Definition: Relationship Marketing is a modern approach to marketing which focuses on enhancing the customer experience and developing customer loyalty rather than increasing the sales volume and profit of the organization. Keeping the customers engaged and providing them with the highest possible value from their purchase is essential. Here comes the role of relationship … [Read more...] about Relationship Marketing
Marketing Channels
Definition: Marketing channel is a system which ensures the distribution of the merchandise from the producer to the consumers by passing it through multiple levels known as middlemen. It is also known as channels of distribution. Every product is different from one another and so are their channels of distribution. Let us take the example of Mondelez India Foods Limited … [Read more...] about Marketing Channels
Types of Marketing Channels
Definition: Marketing channel refers to the means through which the physical distribution of goods takes place from the manufacturer to the customers, either directly or through intermediaries. The manufacturer can also adopt Multi-Channel marketing if he finds it suitable for his product and the business. In simple words, marketing channels are a medium to facilitate the … [Read more...] about Types of Marketing Channels